Cryptocurrencies have sparked polarizing views, with some claiming they will revolutionize finance while others warn
of fraudulent schemes and risks. Amidst this debate, a middle-of-the-road regulatory consensus is emerging, envisioning a future where crypto operates within traditional financial regulatory systems.
The International Monetary Fund (IMF) recently proposed four principles for crypto regulation: defending against the substitution of sovereign currencies, not granting crypto assets official currency status, managin capital flows associated with crypto, and ensuring unam biguous tax treatment.
The first principle, defending against currency substitution, encourages healthy competition and innovation in the financial sector, prompting traditional institutions to improve their services to compete with crypto.
The second principle, protecting national sovereignty, aims to safeguard government revenues generated
through seigniorage. However, it can hinder innovation and competition if it protects inefficient monopolies.
The third and fourth principles involve managing capital flows and tax treatment, respectively. These principles can be problematic, leading to financial repression and hindering innovation in the crypto ecosystem.
While the regulatory consensus shows positive interIMF PARAMETERS.

SurveySparrow, founded and led by Shihab Muhammed, is revolutionizing the online
survey software landscape with its innovative chat survey software. The platform, launched in 2018, aims to capture the conversational nature of surveys, offering a highly engaging experience for users through the utilization of advanced technologies like big data and AI.
The idea behind SurveySparrow came about due to the abysmally low completion rates of traditional form-filling in online surveys, which prompted the need for a more interactive and engaging survey experience. The platform’s omni-channel experience manage-
ment approach has resonated well with customers, resulting in over 200,000 clients across 149 coun- tries, including renowned brands such as Meesho, Godrej, Paysafe, Exin, and Grant Thornton.
In a recent interview, Shihab Muhammed shared some insights
into the growth and milestones of SurveySparrow. The platform’s de- fining moment was achieving com- pletion rates of over 90% through engaging conversational UI, which far surpassed the average comple- tion rate of 15% for traditional form-based surveys. Within just
50 days of its launch, SurveySpar- row gained its first 1,000 custom- ers, demonstrating strong customer appreciation and satisfaction.
Over the years, SurveySpar- row has experienced remarkable growth, with a 300% increase in 2021 and a doubling of revenue in 2022. The company has successful- ly raised seed capital of USD 1.4 mil- lion from prime venture partners and secured an additional USD 3 million in a bridge round from a family office. The platform’s digi- tal strategy plays a crucial role in achieving its targets and operation- al requirements. SurveySparrow’s multi-layered digital infrastructure, which includes storage, cache, ap- plication, queues, background jobs, and serverless components, enables high-quality service delivery, in-
novation, and quick adaptation to customer needs. New technologies like big data, AI, and ML have been integral to SurveySparrow’s suc- cess. The platform leverages AI- generated surveys and generative AI to enhance the user experience in creating, sharing, collecting, and analyzing data. The integration of cloud technology, specifically Amazon Web Services (AWS), has further strengthened SurveySpar- row’s capabilities. Running on AWS has provided benefits such as high availability, scalability, and agility, freeing the company from man- aging complex infrastructure and allowing it to focus on product im- provement, customer service, and business growth.
The pay-as-you-use model of AWS has reduced upfront costs and pro-
vided flexibility, while its security measures have instilled confidence in data and system protection. With a team of over 200 employ- ees and a growing global clientele, SurveySparrow continues to pave the way for a more engaging and user-friendly approach to online surveys. Finally, SurveySparrow’s innovative chat survey software has redefined the survey experience, at- tracting a large customer base and achieving high completion rates. Its growth trajectory has been impres- sive, backed by advanced technolo- gies, strategic partnerships, and a robust digital infrastructure. By leveraging cloud technology and embracing AI-driven innovations, SurveySparrow is well-positioned for continued success and further expansion in the global market.

Industrialist M Mangalam Birla, in his address to Ul- traTech Cement sharehold- ers in the company’s latest annual report, highlighted India’s positive economic narrative and its potential for growth. He emphasized the government-led push to- wards infrastructure invest- ments and pragmatic policies like the production-linked incentives scheme, which have led to a surge in private sector capital expenditure. This surge in private invest- ment is expected to trigger a multi-year economic boom, providing valuable support to economic growth despite softening global demand.
Birla praised India’s active role in the global economic evolution, positioning the country as a charismatic lead rather than a mere spectator. He noted that as global cor- porations adopt a ‘China plus one’ strategy and explore countries across Asia, India is well-positioned to benefit from this trend. The coun- try’s growth momentum is further strengthened by the dynamism of its tech-based ‘new economy’ enterprises and the expanding digitiza-tion across various sectors. He pointed out that India’s demographic advantage plays a crucial role in its in- dustrial ecosystem. With the largest and youngest work- ing-age population globally, India’s population now sur- passes China’s. Birla high- lighted the importance of this demographic dividend, citing lessons learned from other economies over the past few decades.
While discussing the global economy, Birla noted that it is gradually recovering from the pandemic-induced shock. However, challenges persist, including the ongo- ing conflict in Ukraine, geo- economic fragmentation, soaring interest rates, and the risks of a banking contagion. The International Monetary Fund (IMF) predicts a dip in global economic growth from 3.4% in 2022 to 2.8% in 2023, with developed countries experiencing a more pro-
nounced deceleration. On a positive note, China’s economy is moving towards normalization following the lifting of Covid-related restrictions, and both China and India are ex- pected to significantly contribute to global economic growth in 2023, providing a much-needed stimulus.
Regarding the performance of UltraTech Cement, Birla highlighted that the company achieved a milestone by sell- ing 100 million tonnes in FY23 and recorded net revenues of Rs 63,240 crore (USD 7.9 billion). The company has un- dertaken an aggressive capacity expansion plan, including greenfield and brownfield projects in high-growth geogra-
phies across India. After completing all ongoing projects, UltraTech Cement’s capacity is expected to reach over 160 million tonnes per annum, solidifying its position as the third-largest cement company globally, outside of China, and the unrivalled leader in India.
In conclusion, Kumar Mangalam Birla’s address to UltraT- ech Cement shareholders showcases the positive economic narrative of India, fuelled by government-led infrastructure investments and pragmatic policies. The surge in private sector capital expenditure is expected to drive economic growth in the face of global challenges. India’s demographic advantage and growing tech-based sectors further strength- en its growth momentum. The country’s active role in the global economic evolution positions it well to benefit from shifting global dynamics. As UltraTech Cement continues its expansion, it aims to consolidate its position as a leading cement company in India and on the global stage.

Great Wall Motor Co.’s attempt to acquire a mothballed General Motors Co. plant was also thwarted due to a lack of approval

The Indian govern- ment has dismissed a $1 billion proposal from Chinese carmaker BYD Co. and Hyderabad-based Megha Engineering and In- frastructures Ltd. (MEIL) to establish an electric ve- hicle (EV) manufacturing plant in Telangana. The decision, based on national security concerns, comes amid strained relations be- tween India and China due to deadly clashes along their disputed border.Sources close to the matter revealed that the rejection was due to apprehensions about the use of Chinese homegrown technology in the proposed EV plant. While foreign direct invest- ment in India’s automobile sector typically does not re- quire approval, investments from countries sharing a Km birla’s view border with India demand political and security clear- ance from the ministries of external and home affairs. BYD and MEIL’s joint venture aimed to capture 40% of India’s domestic EV market by 2030. However,
the government’s rejection deals a significant blow to their ambitious plans. BYD had been operating in India since 2007 and had plans to sell 15,000 electric vehicles in the country this year.
This move reflects India’s cautious approach towards Chinese investments, as it aims to limit economic ties with its neighbour following the deadly border clashes. In the past, Great Wall Mo- tor Co.’s attempt to acquire a mothballed General Motors Co. plant was also thwarted due to a lack of approval.
While BYD declined to comment on the matter, representatives from MEIL did not respond to inquiries
regarding the rejection. The Finance Ministry, Heavy Industries Ministry, and Ministry of Home Affairs, which were assessing BYD’s proposal and vetting incom- ing investments, also did not offer any comments.
Meanwhile, other foreign investments, such as Tesla Inc.’s potential significant investment in India, seem unaffected. After meeting with Indian Prime Minister Narendra Modi, Elon Musk expressed interest in mak- ing substantial investments in the country. BYD’s ambi- tious investment proposal aimed to bolster its presence in India’s EV market, but the rejection raises uncertainties about the company’s future plans in the region. The joint venture with MEIL would have played a crucial role in achieving their market share objectives.
The Indian government’s cautious stance towards Chinese investments has also affected other ventures. For instance, SAIC Motor Corp.’s local unit, MG Motor India Pvt, faced scrutiny last year over alleged financial irregularities. As a result, MG Motor announced plans to dilute its ownership and sought majority ownership by an Indian firm within two to four years.
Under the Foreign Direct Investment (FDI) rules, proposals involving investments from countries sharing a land border with India must obtain government approval. These coun- tries include China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan.
Despite the rejection, India’s FDI equity from China has amounted to USD 2.5 billion from April 2000 to March 2023, indicating the significance of Chinese investments in the Indian market.
The bottom-line is, the Indian government’s rejection of BYD and MEIL’s joint venture proposal to build a $1 billion EV manufacturing plant reflects concerns over national security and the use of Chinese technology. As the two na- tions’ relations remain strained, India continues to exercise caution in approving investments from countries sharing a border with it. The rejection poses challenges for BYD’s
ambitions in India’s EV market, while other foreign invest- ments, such as Tesla’s potential venture, remain unaffected.

Leading SUV manufacturer Kia India will market the new Seltos, unveiled earlier this month on 4 July, at a special introductory price of INR 10,89,900 (ex-showroom) pan-India. One of the most-anticipated SUVs, the new Seltos comes in 18 variants with top of the trim with ADAS– GT-line and X Line in both diesel and petrol engines and will cost INR 19,79,900 and INR 19,99,900, (ex-showroom) pan-India, respectively. The new Seltos has received an overwhelming response, recording the segment’s highest day 1 booking of 13,424 units.

Customers can book their variant of choice through the Kia India official website and any of the authorized dealerships of Kia India by paying an initial booking amount of INR 25,000.
The launch of the new Seltos is in line with Kia’s “commitment to setting industry benchmarks with innovative offerings at competitive prices which has fuelled the growth of segments in the past,” says Tae-Jin Park, Managing Director and CEO, Kia India. Park expects the new Seltos to continue this trend with its advanced ADAS level 2, top-notch safety features and innovative technology to appeal to the discerning new-age customers. “Coupled with a wide range of variant choices, aggressive pricing, and a seamless ownership experience, the new Seltos is not only the smartest driving experience but also the best buy in the market,” assures Park. “With the launch of new Seltos, Hardeep Singh Brar – National Head, Sales & Marketing, is aiming for the company to be one of the top mid-SUV segment leaders again and hope for a strong sales surge.
The new Seltos leads the mid-SUV space with segment-leading features such as dual screen panoramic display with 26.04 cm fully digital cluster, 26.03 cm HD touchscreen navigation, dual zone fully automatic air conditioner, glossy black alloy wheels, 32 safety features, including 15 robust safety features (standard across the range) and 17 ADAS level 2 autonomous features. It also has much-awaited features like the dual pane panoramic sunroof, electric parking brake and the efficient smartstream G1.5 T-GDi petrol engine, which generates 160PS of power and 253 Nm of torque.

“Kia India is growing faster than the industry and we have kept our performance steady with healthy growth,´ says Brar. This is despite the realignment of manufacturing process to accommodate the development of the new Seltos. Kia India recorded domestic sales of 1,36,108 units, registering almost 12 per cent Y-o-Y growth in first half of 2023. The Sonet emerged as the best-selling Kia product, with sales of 53,491 units, followed closely by the Kia Carens at 40,771 units. In June 2023, the company sold 19,391 in the domestic market. Combining June figures with exports, the dispatches stood at 28,091 units.

Monetary policy tightening by various central banks to contain inflation, the war in Ukraine leading to price rise for crude oil and subsequent realignment in the global energy supply chain, and strengthening of the US dollar index kept the Indian currency under pressure in 2022. The Indian Rupee has been in the news cycle for a considerable part of 2022 for its steady depreciation. In 2022, the Rupee depreciated over 11 per cent on a cumulative basis, its poorest performance since 2013 and the worst drubbing among Asian currencies — as the US Federal Reserve’s aggressive monetary policy propelled the greenback. data showed. It breached the 83-mark against the US dollar in mid-October, to hit an all-time low. It has, however, performed better than most Asian peer currencies, including the Chinese Renminbi, Indonesian Rupiah, Philippine Peso, South Korean Won, and Taiwanese Dollar during the current financial year. The US Federal Reserve policy rate is now at a target of 4.25- 4.50 per cent, the highest level in 15 years, which was near zero in the early part of 2022. An increase in policy rates in the US and other advanced economies typically leads to a depreciation of the emerging markets currency such as the Rupee. “Indian Rupee has had a mixed year in 2022, as far as relative performance is concerned. During the first three months it was an underperformer due to higher oil prices. However, it came back strongly during the mid of this year, due to fall in the energy prices and aggressive intervention from the RBI. But since October, we have seen Rupee underperform its peers once again, but this time due to larger than usual demand from oil importers,” said Shrikant Chouhan, Head Equity Research at Kotak Securities. Chouhan added 2023 can be a year of two halves. In explanation, he said “the seeds of a global economic slowdown could germinate” in the first half due to tightening monetary policies and fiscal policies and the alarming situation from Covid in China. “During the second half, we expect (US) Fed and other central bankers take notice of dramatic fall in inflation and growth and lower interest rates. Interest rate cut from Fed can boost inflows into emerging markets during the second half of 2023,” Chouhan of Kotak Securities said, adding that he sees Rupee versus the US dollar in a broad range of 80.00- 85.00/8.50 in 2023. However, everything is not gloom and doom for the Rupee fundamentals as the US Dollar index has fallen from the peak of 114 to around 105 currently. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The Dollar will stabilize and start weakening when the (US) Fed pauses by Q2 of 2023. RBI has done a good job in intervening in the forex market to stabilize the rupee and manage the forex reserves.” Typically, the RBI from time to time intervenes in the markets through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee. At the start of 2022, the overall forex reserves were at USD 633.61 billion, which is currently at USD 563.499 billion. Much of the decline can be attributed to RBI’s intervention and a rise in the cost of imported goods. “The RBI intervention in forex spot market will curb any upside momentum in USD/INR rates. This will help to stabilize exchange rates around 83 – 87 in 2023,” said Sumeet Bagaria, Executive Director at Choice Broking, adding that it would be interesting to see how the RBI tackles the situation. Going ahead, much of the Rupee’s movement will also depend on the monetary policy action by the US Federal Reserve. “If we look ahead to 2023, the first half will still be unpredictable because the USA’s terminal rate is still unknown, and the RussiaUkraine war has not yet ended. As a result, the first half of 2023 may see some additional weakness, but the second half may be better for the rupee because US interest rates may reach their peak,” said Santosh Meena, Head of Research at Swastika Investmart. For 2023, Meena sees Rupee in a tight range of 80.0-83.5.

Another breather may come from the decline in international crude oil prices, which currently is trading at about USD 78-80 per barrel. It touched as high as around USD 130 per barrel earlier this year. “We expect rupee to trade on a negative note moving between 84 to even hit as low as 85 mark against the US dollar as deteriorating global risk sentiments may put downside pressure on rupee. The rupee is currently around 82.8 against the US currency. Weak global markets may lead safe haven flows towards US dollar. However, sharp fall in crude oil prices may prevent sharp downside in rupee,” said Mohit Nigam, Fund Manager and Head – PMS, Hem Securities. A depreciation in Rupee too has its own share of advantages as it typically raises exporters’ earnings. What is India doing to reduce the over-dependence of the US Dollar and subsequent internationalization of the Rupee? The RBI had announced various measures recently to diversify and expand the sources of forex funding to mitigate exchange rate volatility and dampen global spillovers. Of them, the major one is that the RBI has put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian currency in mid-July, 2022. If the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run. Talks between India and UAE are already on for a RupeeDirham-denominated bilateral trade.